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Employee Financial Wellness Drops to New Low


rss.shrm.org | Kathryn Mayer

​Research conducted over the past several months found that although inflation has recently abated, employees’ financial wellness is still suffering.

Now, new research goes even further with its main finding: Financial wellness is at an all-time low.

That’s according to Bank of America’s (BoA’s) annual Workplace Benefits Report, which surveyed more than 1,300 employees and nearly 800 employers during the first half of this year.

Over the first six months of 2023, the impact of inflation and economic uncertainty contributed to increased financial stress, resulting in financial wellness among employees dropping to 42 percent—the lowest rate since BoA research began in 2010. It’s even lower for women: Just 38 percent of female employees reported feeling financially well, compared with 55 percent last year.

Two-thirds (67 percent) of employees said they believe the cost of living is outpacing growth in their salary or wages, compared with 58 percent in February 2022.

“American workers continue to feel stressed about their finances and are concerned about keeping up with the cost of living,” said Lorna Sabbia, head of retirement and personal wealth solutions at BoA.

Charles Lattimer, chief innovation and growth officer at FinFit, a Virginia Beach, Va.-based financial wellness firm, said he’s not surprised that “employee morale regarding their finances is currently at an unprecedented low.

“As we emerged from the pandemic, Americans amassed record levels of personal savings….


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